-Refer to the above diagram where T is tax revenues and G is government expenditures.All figures are in billions of dollars.If the full-employment GDP is $400 billion while the actual GDP is $200 billion,the cyclical deficit is:
Definitions:
Expressed Agency
A relationship where the agent's authority to act on behalf of the principal is explicitly stated in a contract or agreement.
Implied Agency
A relationship formed by the actions of the parties that indicates an agency relationship, even without a formal agreement.
Apparent Agency
An agency relationship created by operation of law when one party, by her actions, causes a third party to believe someone is her agent even though that person actually has no authority to act as her agent. Also called agency by estoppel.
Ratification Agency
The process by which a principal approves and accepts the acts of their agent that were done without proper authority or beyond the scope of their authority.
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